Episode Transcript
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All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience in tax savings, income planning, and investment opportunities,
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Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or visit Maggie Tax dot com. That's
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Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. This is theMaggie Tax and Financial Show. I am
Robert Maggie and I'm here with myson Chris Maggie. Want to visit our
website, Maggie Tax dot com anddon't forget make an appointment called eight three
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three Maggie Tax and just tell themit's urgent that we meet because we have
a lot of stuff to talk abouttoday. So again eight three three Maggie
Tax, visit our website Maggie Taxdot com and let's get going on today's
show. Chus, we have alot to talk about. Absolutely, welcome
everyone, and thank you so muchfor tuning in in each and every week.
We enjoy doing what we do.Why because we can help people,
and it's great when we talk aboutreducing taxes for people and tax strategies to
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have more income in a most taxefficient way. We also really get excited
when we help people with investments andhaving safety in their retirement plan and guaranteed
income and also investment opportunities out therethat many people are just not talking about.
And also about a state planning.Many people have no wills or state
planning documents that need they need tomake sure that everything stays in the family
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to make sure it avoids probate.So that's all we do. We do
a lot of different things to helpyou. So pick up the phone,
schedule time to meet with us.Eight three three Maggie Tax. That's eight
three three Maggie Tax. So todaywe're going to discuss how important it is
to get out of debt. Manyof you are in debt and you have
you know ways you're trying to getout of debt, save and you know,
spend it down. But Chris,let me ask you a question.
In your opinion, is this animportant topic getting out of debt? Absolutely,
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I mean it's a big struggle fora lot of people. And we
want to talk about today debt whereyeah, you have credit card expenses and
debt that way, but we're goingto also talk about your iras and your
investment accounts and your qualified account andhow you are in debt because you owe
Uncle Sam. So we're going toget into a lot of that today.
And the bottom line there is youhave a debt to the irs. So
but the big question is where dowe start. And we can start by
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reducing your retirement tax bill. Goto our website, Maggie tax dot com.
We have the retirement calculator there foreveryone. It's simple, put your
information in. You're going to geta report back on what your tax bill
is going to look like. Andthat's the reason why we're talking about debt
because we all have a debt tothe irs, and every day we see
clients and many times it's impossible toavoid people asking about David Ramsey. And
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we like Dave Ramsey. So foranyone else there that's using Dave Ramsey,
he's got a great program. Ilike what he does. But Dave Ramsey
is perhaps the best known financial commentatorin the country, and his advice is
used by millions of Americans. Butone area of passion for mister Ramsey is
his laser focus on reducing debt.Now on TV, on radio, and
in print. Dave Ramsey loves tellingpeople how to get out of debt,
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and generally speaking, I agree withthis all the way, but I also
take issue with the way mister Ramseytalks about debt on his radio show and
in his books and on his blog. Here's why Dave Ramsey advises savors to
reduce their debt. That's a greatthing. He talks about paying off student
loans, buying new cars with cash, paying down your mortgage, and paying
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off your credit card in full everymonth, and those are all good things.
When Chris and I meet with clientsand we ask him these questions,
and we see whether they owe moneyon credit cards, question is how do
you pay that back? So whydo I take issue with his remarks?
Dave Ramsey's advice on debt is wrong. Okay, it's just incomplete. And
when Chris and I talk about incompleteand complete plans, he has an incomplete
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plan. And many times we talkabout a complete plan and an incomplete plan,
because once you understand what that means, you're going to say, Wow,
I guess I do have an incompleteplan. It's incomplete because mister Ramsey
never discusses one of the largest debtsthe average American holds, Chris, and
that's the debt to the IRS thathas built up inside your IRA and your
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four oh one K. Absolutely,and this is so huge, And what
about your debt to the IRS?Does he talk about that? And the
answers no. And right now,Americans currently hold trillions of dollars in tax
deferred retirement accounts, which are immenselypopular vehicles such as iras, former k's
and four to three b's. Andif you're a federal employee, it's a
TSP thrift savings plans. To thinkabout this, you have accounts that are
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infected with taxes and in tax deferredaccount savers have put off paying their taxes
for the future. And this calledand this is called debt to the irs,
and you have it. If youhave an IRA of one one k,
at TSP of four oh three b, you have debt to the irs.
And if you go to our website, Maggie Tax dot Com, click
on the retirement Calculated, it's rightthere on the top right hand corner and
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we can tell you in thirty secondswhat your retirement tax bill will look like
and what your debt will be tothe irs. You need to know now
because you need to get this timebomb, this huge tax time bomb.
You need to diffuse it, andwe can show you how. Pick up
the phone, schedule time to meetwith us. Eight three three Maggie Tax.
This is so important for many ofyou listening because a lot of people
Chris, don't look at the IRAand the four one ks debt. They
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let you save in these accounts foryears, you defer the taxes for years,
and then as you know, youget into retirement and you have requirement
of distribution and then you're paying taxat a higher rate. And the problem
is that all the tax savings thatyou had you're going to pay back five
ten years down the road and ata higher rate. Well think about this.
You know, you take your retirementaccounts you put away and tax deferred
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accounts, and they grow in thefuture to bigger amounts. But what we
don't know, and this is whatwe're talking about here, is the question
mark tax rate. What's your taxrate in two years, in five years,
in ten years, in twenty yearswhen you need that money. So
these big, these big accounts growand grow and grow. But when you
take the money out, it couldbe taxed at thirty percent, it could
be taxed at forty percent, Itcan be taxed fifty percent. So think
about that. If you need fortythousand dollars out of your retirement account such
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as your IRA Form one K,guess what in the future, it could
be taxed at forty to fifty percent. So if you need forty thousand,
you have to take out eighty thousandto net the forty How much or how
long is your retirement account going tolast if you have unknown tax rates and
you have a partner with irs,and think about this. We talk about
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it all the time. So let'ssay you're in a twenty four percent tax
bracket right now, and in twoyears when the Trump tax cuts expire and
it goes up to twenty seven,it goes up three percent in every tax
bracket. Have you planned on thatand have you done any you know,
tax planning on it, because ifyou don't, that's the reason why we're
telling you to go to our taxretirement calculator, take a look for yourself.
You'll see exactly what the rates aregoing to be, and you plug
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it in and then let's get togetherand talk about it. So Dave Ramsey
has an incomplete plan. I thinkwe just made that point. And whether
or not you realize that that createsa kind of debt, So let me
kind of give you a definition.The Oxford Dictionary defines debt as something especially
money that is owed to someone else. So you have money and who you
owe it to? Uncle Sam arsAnd that term applies to the build up
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of taxes in iras in four ohone case. And you know, Chris,
I think the disappointing thing for meand you when we see people come
in they're not told that why theyare advised that just build, build,
build, build tax deferred. Yougot a lot of money coming out.
But a gentleman I have this,I can prove this. We have a
call that comes in a million dollarIRA, two million dollar IRA, and
I have to tell them it's notall theirs. It's not all theirs.
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That million dollars is maybe five hundredthousand, that two million is maybe a
million. So what kind of planningdo they do? Now? Well,
that's it. People don't plan andthat's why we do tax planning here.
We do income planning, we doinvestment planning, we do a state planning.
A lot that we do at MaggieTax Advisory and Financial Group. So
pick up the phone, schedule timeto meet with us. We have office
on both sides of the bay,and when you come in, we can
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help you defuse the big tax timebomb eight three three Maggie Tax. Visit
our website at Maggie Tax dot comthat's m A G G I T A
X dot com and we can helpyou defuse the tax time bomb. And
let me kind of give you anexample. It's pretty simple. Consider this
issue is a sixty five year oldclient that comes into our office. He
has an IRA statement show when hehas five hundred thousand saved in his account.
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He's happy, he's thrilled. Igot a lot of money, right,
But can that client cash out theIRA and go buy a five hundred
thousand dollars vacation home. And theanswer is no, of course not.
But until someone educates him and understandthe language. He's thinking he's got five
hundred so after all, not allof that five hundred thousand in the IRA
is his to spend. You havea partner with Uncle Sam. It's great,
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you know, Chris. You workfor a business and you save and
then you start taking money out andthen you get a partner. And he
said, well, I want twentypercent of the profits, and then next
year says I want thirty percent,and the following uiasays he wants forty percent.
What's wrong with that? And that'swhat the IRS is doing. That's
the question mark tax rate. Sohow can you live in retirement knowing that
it's a variable tax Rate's a questionmark tax rate? And that's the thing
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because if you have to pay morein taxes, guess what less income to
you. So don't let it happenthat way. And that's why we put
together tax planning and income planning andinvestment planning. That's what we call the
Maggi plan because we can under wehelp you understand what that dollar is and
let's get that money out of taxableenvironments into tax free environments. Let's have
a tax free zone for you soyou don't have to worry about that question.
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Mark tax rate eight three to threemaggie tax, schedule, time to
meet with us eight three to threemagi tax. And one more thing.
What people don't understand is what taxbracket they're in. So in this case,
his tax liability is twenty percent,only four hundred thousand of those funds
really belong to him. He doesn'tthink about that when he goes to bed
at now he's thinking about what he'sgoing to spend and where he's going to
go. So the other one hundredthousand he owes to the irs is is
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in the form of time. Andagain, just write this down. It's
a debt to the IRS. Sopick up the phone call eight three to
three MAGI tax. When you talkto the operator, tell them it's urgent
that we speak to you about yourdebt to the irs. Folks, this
is the only way we can helpyou. Let us do the illustration with
you, show you what tax bracketyou're in, and show you what real
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money you have. And then let'splan because if you're looking for guaranteed income,
we can help you put a plantogether. It's called the Maggie Plan.
It's a tax plan, it's anincome plan, it's an investment plan,
and like Chris said before, themost important thing, it's an estate
plan. Eight three three Maggie Tax. And don't forget Every Sunday at ten
thirty, what's your TV show onABC TV? Folks will give you a
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lot of resources here eight three tothree Magi Tax. Be sure to visit
our website, Maggie Tax dot com. There's so much information on there.
You're listening to the Magi Tax andFinancial Show, and remember eight three to
three Maggie Tax. Eight three threeMagi Tax. Stop planning for Uncle Sam's
retirement and start planning for your retirement. As we return to the Maggie Tax
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and Financial Hour with your host fatherand son Robert and Chris Maggie. For
additional information on how you can createa tax free retirement, visit Maggie tax
dot com. That's m a ggI tax dot Com or call eight one
three three two two twenty five twenty. That's eight one three three two two
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twenty five twenty. Now your hostfor the Maggie Tax and Financial Hour,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
Welcome back. My name is RobertMaggie, and you're listening to the
Maggie Tax and Financial Show. AndI'm here with my son, Chris Maggie,
and we're talking about debt to theirs because a lot of folks out
there when they start taking money outof the IRA, and many of you
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have great iras in four oh onek's, you're going to pay a tax.
And remember the definition of debt somethingespecially money owed to someone else.
Does that sound like taxes in anIRA? Chriss, Absolutely so. If
you have saved in a four toone k on IRA or any tax deferred
vehicle, you owe a debt oftaxes to the IRS. And let me
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remind all of you, you havea debt to the irs, and the
bad news is a debt that growswith interest. This is the problem that
we don't realize, or a lotof people don't because as it grows,
and the interest it grows as well, you're going to pay them a lot
more tax So you all owe taxesnot only on your contributions, but also
on the growth and the funds inyour accounts. You talked about something before
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investment risk and investment growth. Howdoes that apply like when we talk about
this when people come in, well, there's a regular debt, and many
people think about credit cards and baddebt, and then you got investment debt,
which is what we're talking about heretoday. And we talked about this
last segment. It's a question marktax rate when you retire. That's the
thing. When you put money awayand you're doing a great job if you
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have an IRA A four one Kand a TSP of your federal employee,
but the bottom line is you reallykind of follow the crowd and you're really
not doing it the right way becauseyou're investing and putting your money away for
a question mark tax rate in thefuture that when you need the money,
you have no idea what that taxrate's going to be. You have no
idea what that amount is going tobe sent to the irs, So what
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is going to be yours? Andthat's where most people when you start planning
and you start planning on what isactually yours, and they talk about the
IRS, and it's theirs, thrs, the to hrs. And what you
really want to think about here isthat when you talk about income and planning,
you want to make sure that youhave after tax accounts given you income
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so you can plan on it.That's why ROTH iras is so important.
That's why ROTH Form one KSER isso important. But the traditional ira is
and the tax deferred accounts, theseaccounts are huge and there's trillions of dollars
there that Uncle Sam knows how muchthey're going to get in taxes. But
that means less income to you,and basically it can add up to a
lot of debts. So call myoffice at eight three to three, Maggie
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Tax. Here's what I want youto do. Tell the operator that it's
urgent that you want to get outof debt to the IRS, and set
in a point with Chris and Ieight three to three Maggie Tax. And
make sure you tell them it's urgentbecause it is. Because a lot of
people don't understand, well, letme defer it, let me worry about
it later. In two years whenthe Trump tax cuts expire, there's going
to be a lot to worry about. People are going to be shocked,
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Chris when they see that they're goingto pay another thirty percent more in taxes
negative of why. And this hurtsa lot of people. So if you
don't do some proper planning, you'regoing to be hit with this tax time
bomb. And it's ticking, it'sticking louder. So one of the things
I can do, because let's talkabout this, when you come in and
meet with us, we're going tohelp you defuse this big tax time bomb.
We're going to show you how muchmoney you have in pre tax money
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and how much you haven't after taxmoney, and what if there's a strategy
where we can get the money outof an affected area of taxes into tax
free accounts. Would you want toknow? That's what we'll do for you.
So when you come in, we'lllook at that investment plan, and
we'll look at the debt that youhave on the investments, and we'll show
you how you can have after taxaccounts and do it the most beneficial and
strategic way possible to pay lease amountin taxes. One other way to look
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at this is many people look atit through a micro lens, which means
right now today, what about amacro lens later on? How is it
going to affect you. That's properplanning, that's tax planning, that's income
planning. One of the biggest questionswe get, well, I think I'm
going to run out of money.We have millionaire clients that come in here,
and Chris, you can tell thestory on these, but they're worried
that they're not going to have enoughmoney to live on. The problem is
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they don't have no plan to getwhat the income they want. And that's
the problem that a lot of peoplehave. So give us a call eight
three to three Magi Tax. Makesure you visit our website, Maggie Tax,
click on the retirement calculator and seefor yourself. You're going to get
a report back in thirty seconds.We're going to give you a call,
or you call us and let's gettogether. So the question you might ask
Maggie Tax is how do I reducemy IRS debt? And there are ways
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to reduce your debt to the irasand now it may be the perfect time
to help you do it. Soeight three to three MAGI tax, tell
the operator it's urgent, and weschedule a meeting to get out of debt
with the IRS. That's what youhave to do. You have to take
control. You can't sit in theback and procrastinate. That's not a retirement
plan. And many experts have saidthe US is likely entering get to a
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period of higher taxes for American savers. So here's the question. Do you
think taxes are gonna go up?Or do you think taxes are gonna go
down? And what's the question?Answer we get all the time. Most
people think the taxes are gonna goup, and it's gonna happen. And
why is so important because that's whatthey're talking about. Many experts are talking
about how we're going to enter aperiod of higher taxes for Americans and what
are you gonna do about it?Think about this, say you're retired.
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You can't do anything about it.You're retired. You sound like you're gonna
go back to work and earn moremoney. Now you're gonna have to sit
there and just bite the bullet onwhatever the tax rate's gonna be. Do
you want to be in that situation? No? So what do you do.
You need the plan. That's whyit's so important to meet with us.
Pick up the phone, schedule timeto meet with us. AD three
to three maggie tax. Why becauseyou have a debt to the IRS,
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investment debt, and it's grown eachand every day, and it's a ticking
time bomb and it's getting louder eachand every day. If taxes are higher
in the future, actually, whentaxes are higher in the future than they
are today, you will be payingthe IRS a higher share of your retirement
assets. Don't let that happen toyou. And remember you have a partner
with IRS. That's why you haveinvestment debt, and that's why you have
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an incomplete plan. We can helpyou. Pick up the phone, schedule
time to meet with us. Wehave office on both sides of the bay.
Eight three three Maggie tax. Asmy dad mentioned before, tell the
operator that it's urgent. Why becauseyou need to diffuse your big tax time
bomb. And again, you dida great job of saving, you did
a great job of listening to otherpeople. But the end of the day,
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it's gonna hurt you because you havean account that's infected with taxes.
I don't care how much is inthere. I don't care if it's one
hundred thousand, I don't care ifit's two million. It doesn't matter.
The fact of the matter is youhave a debt, an investment debt to
Uncle Sam. So visit our websiteMaggie tax dot com. Schedule time to
meet with us. Let's discuss whatoptions you have, what you have,
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and together a plan for you.Eight three three Maggie Tax. One of
the things Chris just said about options, there's something called a strategic rollout,
and this is something that we dowith a lot of clients. I know
you don't see what I'm talking aboutnow, but we do it over a
five or ten year period to reducethe tax so that later on, when
you're ready to take out the IRA, your ire is lower, less tax.
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And on the other side, youmay have a roth IRA that's tax
free. Which would you rather have? So that's the choice you want to
make. So when you come in, we'll go over with this whole thing
with you. We put a balancesheet together, we have questions for you.
We need to get the right answersfrom you to design the plan.
Eight three to three Magi Tax.And remember the Maggi plan is a tax
plan, it's an income plan,it's an investment plan, it's an insurance
plan, and it's in a stateplan. So if you don't have any
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documents for a state planning, wecan help eight three to three MAGI Tax.
Be sure to visit our website MaggieTax dot com, click on the
retirement calculator and see for yourself.In thirty seconds, you'll get the report
back eight three to three MAGI Tax. So when you call tell them it's
urgently if you want to meet withChris and Bobby, stop planning for Uncle
Sam's retirement and start planning for yourretirement. As we return to the Maggie
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Tax and Financial Hour with your host, father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie tax dot com. That's magg I tax dot com or call eight
one three three two two twenty fivetwenty. That's eight one three three two
(19:29):
two twenty five twenty Now your hostfor the Maggie Tax and Financial Hour,
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie
Welcome back to the Maggie Tax andFinancial Show. And each and every week
we are so grateful to be here. Why because we help a lot of
people in a lot of different ways. And that's what we call it the
Maggie Plan. It's a tax planning, it's income planning, it's investment planning,
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it's a state planning, it's socialsecurity maximization planning. If you're looking
for a path, if you're lookingfor a plan, you know we ask
many people it's your plan. Ifyou don't have a plan, we can
help you. So pick up thephone and schedule time to meet with us.
Eight three to three Maggie Tax.We have office on both sides of
the Bay. Visit our website.There's so much information right there at your
fingertips. We can help you.Eight three to three Magi Tax. And
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by the way, we're talking aboutdebt to the IRS. But I want
to throw one one thing out there. If you're a broker or your CPA
is not discussing IRS debt, thenshame on them. Maggie Tax. We
discuss this every day with every client. Because it's not about selling a product
that's a retail person. We talkabout complete planning. And many times when
clients come in and they meet withChris and I and they say, man,
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this is what I thought we weregoing to get. You know why,
because everybody's I guess, programmed intoa meeting with an advisor that they're
going to sell you a stock bondin mutual fund. They don't talk about
taxes, they don't talk about anyplanning, and that's wrong. So tax
mitigation strategies are becoming a crucial componentof retirement income planning. That's what we
do. And if you're a brokera CPA is not discussing this and not
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discussing tax mitigation strategies, challenge themand ask them, hey, by the
way, can you talk about sometax mitigation. You're gonna throw them probably
right off the check because they're notgoing to know what the help talking about.
Well, a lot of advisors theysay, well, we don't really
do with taxes. You might talkto you your CPA or your tax prepairer.
Meanwhile, you take the time togo see your tax prepairer and they
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say, no, we just dotax preparation. And no one does tax
planning, but we do. That'swhy it's so important when you come in
to meet with us. We're goingto look at your tax return. Your
tax return is like an X rayto us. See we see it,
We understand it. We understand howthe investments work on the tax return,
how they work together. Many advisorsdon't even they're afraid of the tax return.
They have no idea what it lookslike and how it's causing you to
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pay taxes. They're just doing theretail thing. They just want to sell
you a product or sell you aconcept. That's not what it's about.
You deserve more. That's why MaggieTax Advisor and Financial Group we do complete
planning. We have the Maggie Plan, an investment plan, tax planning,
insurance planning. That's what we do. Income planning. Why because everything is
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there to help you and estate plan. How many people have an account but
they have no estate planning? Mygosh. How many people have checking and
savings accounts but those accounts aren't titledthe right way? Are they going to
go through probate? Do you know? These are the questions we ask you.
So when you come to meet withus, we're going to take our
time. We're going to go overthings with you. Why because you need
to know. You need to knowno one's telling you. Quick example,
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I went to the bank the otherday, a credit union, and open
up an account and guess what whenI left five minutes later, I said,
is this account going to pass tomy wife and my two kids?
And the girl said, well,is that what you want? I said
absolutely. Why don't you tell methat there are ways you can you can
transfer these accounts to your beneficiaries andavoid probate And she said, well,
we're not programmed that way, We'renot taught that thing to do that.
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And I said, oh my gosh, this is crazy. But that's why
they needed advisors like us. Sopick up the phone, schedule time to
meet with us eight three to three. Maggie Tax. One more thing I
want to mention to all of you. If you go to our website Maggie
Tax dot com, click on seminars. We do two seminars a month on
a state planning. It's about anhour. We hold them at libraries across
Penelas in Hillsborough County. You gocheck it out. The dates and times
(23:07):
are there. We've had sixty seventyeighty people attend because of what we're talking
about. Today, they don't haveit titled correctly, they don't have the
beneficiaries, they have a home,and they're saying, well, I don't
want to go through probate. Well, guess what. It's going to go
through probate unless you have the rightdocument. And this is serious business,
So we don't fool around when wetalk about all of these things we're talking
about today. You should take itserious. Eight three to three Maggie tax.
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And when you call, just tellthe operator it's urgent. It's urgent
that you speak with us on theseissues because these are things that are going
to affect many of you out there. And here's a question I would ask,
if you're a broker or a CP. Are they talking about buying out
the irs? Buying out the irs? What does that mean? Well,
that's what we do when we dostrategic planning. Because I know you don't
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want to pay the tax today.We understand that, but you're going to
pay a tax later at a higheramount. So why don't let Chris and
I do a strategic rollout for youshow you out pay the lowest tax and
have more tax free money later,because you know what's the rate going to
be later? On and it doesn'tmake sense, So why would you do
that? So because they do notunderstand taxes, and Maggie, tax we
understand taxes and tax planning. Thinkabout those words tax planning, okay,
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and taxes. Ask you broker,he's going to tell you what Chris just
said. Oh, we don't dothat because they don't have they don't understand
taxes. This is a big part, Chris, of everyone listening to this
show. Absolutely, and that's whyit's important to me with the right advisor.
And you're listening today. You havequestions, you have thoughts. You
go to bed at night, you'rethinking about your retirement. Am I going
to have enough for retirement? Whatkind of income streams am I going to
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have in retirement? What's my investmentsto look like? What if the market
goes down and I have to takeincome from it, how's it going to
affect me? Well, what aboutthe taxes if I take this income?
How much is going to be taxed? And what about if I pass away?
Is everything to stay in the familyand go to my kids or my
wife? How is this? Areyou thinking these things at night? These
are the questions many people will haveand they just don't have answers, but
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if you're listening today, it's aperfect opportunity to write our number down.
Eight three to three Magie Tax.Visit our website at Maggie tax dot com,
schedule time to meet with us.We have offices on both sides of
the bay to help you. Eightthree to three Magi Tax. And here's
another strategy and concept that we use. Many people are talking about it,
you know right now, Wroth conversionsbecause they pay the tax now and they
(25:22):
have tax free money later. Sojust be careful if you do a Wroth
conversion, make sure you do itthe right way and do it from your
tax return so you pay the leastamount of taxes. And that's what we
do in Chris. When we doa Roth conversion, we always show them
not just this year, but weshow them two, three, four,
five years how to take that moneyout, pay the least amount of tax
and then they have tax free money. Isn't that a better way? Absolutely?
(25:45):
But you can control the tax rate, and that's what's so important.
Like when we ask people how muchdo you want to pay tax? And
they look at me like, well, I don't know. But when we
look at it, none exactly.But you mentioned a great word and great
phrase is buying out the irs?Why not do it now now when it's
cheaper? You buy things? Yougo to the store when and you buy
things why because they're on sale?Right? So you want to buy a
(26:07):
loaf of bread at a dollar,You're not going to get it anywhere else,
but once it's on sale, youwant to buy it. So that's
the whole point. What if taxesrate now in your retirement is on sale
and you can buy out the irsat a cheaper rate as opposed to later
on, which is going to bea lot higher. So think about that.
What if you do it strategically?What if you have a plan,
a tax plan, tax planning,planning, that's what we're talking about here.
(26:30):
You need to understand that planning isnot just with your investments, it's
about taxes, it's about income planningas well. What is your plan,
what's your tax plan, what's yourinvestment plan, what's your income plan,
what's your estate plan? If youdon't have one, we can help you
eight three to three Maggie, tax. But one thing before we can help
you address this risk, we musthelp all of you understand. When we
(26:51):
talk about the language, all right, the language of your debt to the
irs, and what strategies you canuse to mitigate the word listen, mitigate,
mitigate the tax risk? Is anyonetalking to you about that? And
help you under stand the language.That's why we say eight three three,
Maggie tax. Give us a call. Tell the operator it's urgent. You
want to talk about and use thewords. I want to understand how to
(27:11):
mitigate my taxes and I want tohave less tax to pay. And they'll
get the appointment for you, andthen we can sit down, like Chris
said, have an adult conversation.And here's how this works. You tell
us your concerns and they will tellyou what we can do. You're going
to make the final decision. You'renot pushed into anything. We have clients
come in and say, well,you know, my broker said, well
my CPA said, why are youbeing told to do something without understanding what
(27:33):
to do? Chris, that alwaysconfuses me. Well, that's the thing.
Many people out there been with theiradvisor five years or ten years,
and they're scared of their advisor.This is your money, not theirs.
It's not our money, it's yours. This is your planning. Wouldn't you
want to get the right information soyou can make the right educated decision on
what you can and can do.Absolutely, But when's the last class you
(27:53):
had on this stuff? When thepeople talking about this, when they talk
about taxes at your work or inyour retire community, they're not talking about
that. We are. We retireeach and every day. We do this
each and every day to help you, and that's what we do. You
know, you can use the taxof mitigation strategies. They are out there,
but guess what, no one's talkingto you about it, but we
(28:14):
are. So make sure you pickup the phone, schedule time to meet
with us. Eight three to three, Maggie Tax. And many of you
look at your retirement account balances.It's all you look at. Oh my
gosh, there's a going up.Yeah it went up ten thousand or one
hundred thousand for the year. Butyou forget something. You need to net
out the federal government's share. It'slike playing a football game and you're up
at halftime and everything is great,but guess what got You got more minutes
(28:37):
to play and that's when Uncle Samcomes and he beats you because you got
to pay the taxes, So whatare you doing about it? That's what
we can do. So pick upthe phone, schedule time to meet with
us. Let's help you diffuse thebig tax time bomb that you have with
your investments. Eight three three Maggietax. The difference is, Chris,
they have a plan. It's calledthe government plan. That's right, it's
called the plan that they could dowhatever they want. And how I would
(28:59):
I say that. It's called legislatyour risk because think about this. If
you have a pencil, hold itup, because it's all written in pencil.
They can change your rules anytime.And they've done that with the R
and D deadlines. What used tobe seventy and a half now seventy two,
now seventy three. They've changed that. So they can change the tax
code anytime. You all know this. I don't have to educate you on
that. You see it. Everyyear. Every four years we get an
(29:19):
election, and here's the biggest thing. Everybody's worried about. What's going to
happen in this election. It doesn'tmake a difference. It doesn't make a
difference because it's going to be somethingthat we all know is going to happen.
Anyway, So you have to dosome planning, do some proper planning.
Don't look at it from a microlens, look at it from a
macro lens. I mean maybe youragent has never said those words to you,
(29:40):
because we do. We understand taxes, we understand income. You have
market risk, you have income risk, you have a tax risk. What
else do we have? What otherkind of investment risk? And are they
talking about that? No, Soyou have to understand this is what you
have to say to an advisor ofwhat you want. It's your money.
So go to my website. Inthirty seconds you can see what your retirement
(30:00):
tax bill is going to look like. Click on the retirement tax bill,
put in your information, and thencall me eight three to three Magie Tax
and tell the operator it's urgent thatwe meet to discuss your debt to the
irs again eight three to three MagiTax. And the reason why this is
so important today is because many ofyou may be overestimating the amount of spendable
(30:22):
retirement income that you have. Youthink you have a million dollars, You
do not. You have a halfa million dollars. So if you're looking
for ways to communicate the risk wehave an easy solution. Visit Maggie tax
dot com, click on the retirementcalculator and in thirty seconds you're going to
see what your retirement account looks like. And I just want to end with
this because there's a way to addressdebt that's far more complete than mister Ramsey's
(30:45):
approach. And that's true A threeto three Magie Tax. Visit our website,
Maggie Tax dot Com. T anin tomorrow every Sunday to a TV
show at ten thirty on ABC TV. We have a lot of information,
a lot of good information. Youcan go eight three three Maggie Tex.
Visit Maggie tax dot com. You'relistening to the Maggie Tax and Financial Stop
(31:06):
planning for Uncle Sam's retirement and startplanning for your retirement. As we return
to the Maggie Tax and Financial Hourwith your host father and son Robert and
Chris. Maggie. For additional informationon how you can create a tax free
retirement, visit Maggie tax dot com. That's ma gg I tax dot com
(31:26):
or call eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host for the Maggie Tax
and Financial Hour, father and sonfrom Maggie Tax Advisory and Financial Group,
Robert and Chris Maggie, Welcome backto the Maggie Tax and Financial Show,
and thank you so much for tuningin today. And we've been talking about
(31:48):
investment debt and getting out of debtin a good way. Many people think
about credit cards, but I'm nottalking about that. I'm talking about the
investment debt that you have on allyour retirement accounts. And think about this.
You IRA is form on kes thriftsavings plans four O three b's four
fifty seven plans. Guess what thoseaccounts are infected with taxes? And if
you're infected with something, it's nota good thing, right, So,
(32:12):
if your retirement accounts are infected withtaxes, that means you have an unknown
question mark tax rate that has tocome out. You have a debt to
the irs when you start taking distributions. And many people don't know that.
They look at their statements each andevery month and they say, oh,
my gosh, it's up ten grand, it's down ten it's up thirty thousand,
it's up forty thousand, it's doinggreat. But guess what, when
(32:35):
you start taking a distribution, it'staxable, So what are you doing about
it? That's the planning that comesinto play, that has to be there
in your retirement to make sure youhave a solid plan. And if you
don't have a plan, when you'retalking about taxes and investments and income,
you need to pick up the phoneand schedule time to meet with us eight
three to three magi tax. That'seight three to three magi tax. And
(32:55):
when you put a plan together,you're talking about putting a tax plan,
an income plan, an investment plan, and insurance plan. So how can
you do it in an efficient wayso that you're not shooting yourself in the
foot while you're going to try togo tax for you have to pay the
taxes first period. So what we'regoing to show you is the least amount
of taxes and then it's not goingto be a hard decision for you to
(33:15):
make because if you have the cashand we can do it from there,
you do it now so that lateron you don't have this big tax.
Now, that's it. Let's talkabout that. So when someone comes in,
what are we going to do?Well, we understand taxes, obviously.
So what we can do is showyou right there, will show you
what your current tax return looks like. Then we'll break it down and we'll
show you what if we converted twentythousand or fifty thousand from an IRA to
(33:37):
a WROTH. Well, you haveto pay the tax to get there,
right, So we understand that we'retalking about buying out the irs. Let's
do that at a cheaper rate asopposed to later on where it's very expensive.
So we can show you to youand we can break this down,
and we can sit down and showthat what the tax turn will look like.
And you say, I like thatstrategy. I like that strategy,
(33:57):
but I don't like the other strategy. That's fine. This is your money.
We can put together a plan andshow you options that you can own
and feel good about it because whenyou start building a tax free bucket,
what you have done is you eliminated. Uncle Sam and my dad talked about
putting your retirement plan in pencil.Well, let's put it in pen where
it's permanent, where you know thatyou don't have to pay taxes forever and
(34:22):
ever and ever and ever again.Now many people don't have that ability,
but you can if you come meetwith us, because we'll show you ways
to create a tax deduction. We'llshow you ways to get the money out
in the most tax efficient way.Eight three to three Magi tax will go
through that for you. Schedule timeto meet with us, you meet with
us eight three to three Maggie Tax. So here's how one of the ideas
(34:42):
works. The goal is we're goingto start with your retirement account because that's
the one that's taxed the most.So we use and just use this for
concept because when you come in we'llexplain it. But we use a five
year conversion period and at the endof this time period in which we do
the series of structured conversions. Wecall them structured because what that was just
said. We'll take out certain amountone year, certain amount the second year
(35:04):
from a tax return, where weconvert the money over to a roth ira
and basically the goal is that youwant to have at least the same amount
as you started with. Let merepeat that. So if you have five
hundred thousand now over the next fiveyears, when you start converting, we
have to use an investment vehicle that'sgoing to get you back to where you
were five years ago. And that'show we do bucket planning. So take
(35:24):
a second explain how that works,because it's three buckets that we use to
get there. That's it. Solet's just give an example. What if
we had three buckets and you haveone hundred thousand dollars. Well, what
if you put twenty thousand dollars inbucket one and we put thirty thousand in
bucket two and fifty thousand and bucketthree. Well, what we're designing here
is an income plan. So thatfirst bucket a bucket one of twenty grand.
(35:45):
Let's give you income off of thatfor the next five years, guaranteed.
But that in five years is goingto go down to zero. And
many people say, oh my gosh, I don't want my account to go
down to zero. Well, justbucket one is, but what about bucket
two and bucket three. So whenbucket one has given you income, bucket
two and three you're growing. Andguess what, now you have just as
much, if not more income andvalue there. But now what after five
(36:08):
years? Now you turn on buckettwo. So now bucket two gives you
guaranteed income for life, but nowthat goes down the zero after five years.
Then you might start thinking, well, I have no money. No,
you forgot about bucket three. Bucketthree grows back to where you started
originally, and you could do itall over again. So that's when we
start talking about bucket planning and incomeplanning. Where you can have income and
(36:30):
you don't run out of money,you live off of the interest, and
you live it off of the waywhere you can create it, where you
have buckets doing different things with differentstrategies that you're protected and diversified in a
lot of different ways. That's incomeplanning right now. What about tax planning,
Well, we use the same conceptwhere we can get money that's infected
with taxes, eliminate Uncle Sam andcreate a tax free bucket. So now
(36:55):
you don't have to worry about payingUncle Sam ever and ever and ever again.
So who cares what an amount,what tax rates are going to be?
Who cares if tax rates go up? It doesn't matter to clients of
ours who have tax free buckets becausethey don't have to worry about it.
That's where your retirement plan is writtenin pen instead of pencil. So what
(37:15):
you want to do is call myoffice eight three three Maggie tax and tell
them you want to do this.We're going to tell you what it is.
It's called a strategic rollout. It'scalled a strategic rollout and bucket planning.
And if your advisor's not talking aboutthis, then you know, shame
on them. They're not giving youthe whole story. And you're going to
have a tax free rough account,which Chris said, you're going to have
paid all the taxes over five orten year period at the lowest amount and
(37:37):
you're going to have tax free income. How good is that? So by
the time that we're done, youprobably have more than what you started with.
And one more thing, you're goingto eliminate Uncle Sam. Who wants
to eliminate Uncle Sam? Well,if I can eliminate the person who's causing
taxes, guess what. That's agreat feeling to have. And it's it's
kind of funny because when we showthis to people, it's shocking and they
(37:58):
always say, well, I've neverheard this before. What's because your advisor
doesn't talk about taxes, doesn't talkabout income planning, talk about you know,
retirement planning, talk about IRA rM d s and how it's gonna
affect everything that you do. Eightthree three Magi Tax, I hope today
was helpful to you getting out ofdebt to the irs. It's going to
be here for a long time.You need to do something about it.
(38:19):
Eight three three Maggie Tax. Visitour website Maggie Tax dot com. Click
on seminars and register for the seminar. These are at the library. They're
educational. We talk about everything.Eight three three Maggie Tax and visit our
website, Maggie Tax dot Com.You're listening to the Maggie Tax and Financial
Show. Eight three three Maggie Tax. You've been listening to the Maggie Tax
(38:40):
on Financial Hour discussing tax planning investmentstrategy is presented by Robert and Chris Maggie
from Maggie Tax Advisory and Financial Serviceswith offices in Hillsboro and Panelas County.
Visit Maggie Tax dot com or calleight one three three two two twenty five
twenty that's eight one three three twotwo twenty five twenty and tune in next
(39:02):
Saturday at five for the Maggie Taxand Financial Hour.
All these years you've saved up planningfor secure retirement, but if you're not
careful, it will be the irsthat's living it up when you retire by
taxing your hard earned money. Welcometo the Maggie Tax and Financial Hour with
Robert and Chris Maggie of Maggie TaxAdvisory and Financial Group. With over thirty
years of combined experience in tax savings, income planning, and investment opportunities,
(00:21):
Robert and Chris share advice and taxplanning strategies designed to protect your retirement nest
egg from Uncle Sam. Your questionsand comments are welcome during today's program by
calling eight one three three two twotwenty five twenty. That's eight one three
three two two twenty five twenty,or visit Maggie Tax dot com. That's
(00:41):
Maggi tax dot com and now yourhost for the Maggie Tax Financial Hour on
nine seventy WFLA. Robert and ChrisMaggie. Welcome everyone, and thanks for
joining us today. This is theMaggie Tax and Financial Show. I am
Robert Maggie and I'm here with myson Chris Maggie. Want to visit our
website, Maggie Tax dot com anddon't forget make an appointment called eight three
(01:03):
three Maggie Tax and just tell themit's urgent that we meet because we have
a lot of stuff to talk abouttoday. So again eight three three Maggie
Tax, visit our website Maggie Taxdot com and let's get going on today's
show. Chus, we have alot to talk about. Absolutely, welcome
everyone, and thank you so muchfor tuning in in each and every week.
We enjoy doing what we do.Why because we can help people,
and it's great when we talk aboutreducing taxes for people and tax strategies to
(01:27):
have more income in a most taxefficient way. We also really get excited
when we help people with investments andhaving safety in their retirement plan and guaranteed
income and also investment opportunities out therethat many people are just not talking about.
And also about a state planning.Many people have no wills or state
planning documents that need they need tomake sure that everything stays in the family
(01:49):
to make sure it avoids probate.So that's all we do. We do
a lot of different things to helpyou. So pick up the phone,
schedule time to meet with us.Eight three three Maggie Tax. That's eight
three three Maggie Tax. So todaywe're going to discuss how important it is
to get out of debt. Manyof you are in debt and you have
you know ways you're trying to getout of debt, save and you know,
spend it down. But Chris,let me ask you a question.
In your opinion, is this animportant topic getting out of debt? Absolutely,
(02:13):
I mean it's a big struggle fora lot of people. And we
want to talk about today debt whereyeah, you have credit card expenses and
debt that way, but we're goingto also talk about your iras and your
investment accounts and your qualified account andhow you are in debt because you owe
Uncle Sam. So we're going toget into a lot of that today.
And the bottom line there is youhave a debt to the irs. So
but the big question is where dowe start. And we can start by
(02:35):
reducing your retirement tax bill. Goto our website, Maggie tax dot com.
We have the retirement calculator there foreveryone. It's simple, put your
information in. You're going to geta report back on what your tax bill
is going to look like. Andthat's the reason why we're talking about debt
because we all have a debt tothe irs, and every day we see
clients and many times it's impossible toavoid people asking about David Ramsey. And
(02:58):
we like Dave Ramsey. So foranyone else there that's using Dave Ramsey,
he's got a great program. Ilike what he does. But Dave Ramsey
is perhaps the best known financial commentatorin the country, and his advice is
used by millions of Americans. Butone area of passion for mister Ramsey is
his laser focus on reducing debt.Now on TV, on radio, and
in print. Dave Ramsey loves tellingpeople how to get out of debt,
(03:21):
and generally speaking, I agree withthis all the way, but I also
take issue with the way mister Ramseytalks about debt on his radio show and
in his books and on his blog. Here's why Dave Ramsey advises savors to
reduce their debt. That's a greatthing. He talks about paying off student
loans, buying new cars with cash, paying down your mortgage, and paying
(03:42):
off your credit card in full everymonth, and those are all good things.
When Chris and I meet with clientsand we ask him these questions,
and we see whether they owe moneyon credit cards, question is how do
you pay that back? So whydo I take issue with his remarks?
Dave Ramsey's advice on debt is wrong. Okay, it's just incomplete. And
when Chris and I talk about incompleteand complete plans, he has an incomplete
(04:04):
plan. And many times we talkabout a complete plan and an incomplete plan,
because once you understand what that means, you're going to say, Wow,
I guess I do have an incompleteplan. It's incomplete because mister Ramsey
never discusses one of the largest debtsthe average American holds, Chris, and
that's the debt to the IRS thathas built up inside your IRA and your
(04:25):
four oh one K. Absolutely,and this is so huge, And what
about your debt to the IRS?Does he talk about that? And the
answers no. And right now,Americans currently hold trillions of dollars in tax
deferred retirement accounts, which are immenselypopular vehicles such as iras, former k's
and four to three b's. Andif you're a federal employee, it's a
TSP thrift savings plans. To thinkabout this, you have accounts that are
(04:46):
infected with taxes and in tax deferredaccount savers have put off paying their taxes
for the future. And this calledand this is called debt to the irs,
and you have it. If youhave an IRA of one one k,
at TSP of four oh three b, you have debt to the irs.
And if you go to our website, Maggie Tax dot Com, click
on the retirement Calculated, it's rightthere on the top right hand corner and
(05:10):
we can tell you in thirty secondswhat your retirement tax bill will look like
and what your debt will be tothe irs. You need to know now
because you need to get this timebomb, this huge tax time bomb.
You need to diffuse it, andwe can show you how. Pick up
the phone, schedule time to meetwith us. Eight three three Maggie Tax.
This is so important for many ofyou listening because a lot of people
Chris, don't look at the IRAand the four one ks debt. They
(05:33):
let you save in these accounts foryears, you defer the taxes for years,
and then as you know, youget into retirement and you have requirement
of distribution and then you're paying taxat a higher rate. And the problem
is that all the tax savings thatyou had you're going to pay back five
ten years down the road and ata higher rate. Well think about this.
You know, you take your retirementaccounts you put away and tax deferred
(05:55):
accounts, and they grow in thefuture to bigger amounts. But what we
don't know, and this is whatwe're talking about here, is the question
mark tax rate. What's your taxrate in two years, in five years,
in ten years, in twenty yearswhen you need that money. So
these big, these big accounts growand grow and grow. But when you
take the money out, it couldbe taxed at thirty percent, it could
be taxed at forty percent, Itcan be taxed fifty percent. So think
about that. If you need fortythousand dollars out of your retirement account such
(06:18):
as your IRA Form one K,guess what in the future, it could
be taxed at forty to fifty percent. So if you need forty thousand,
you have to take out eighty thousandto net the forty How much or how
long is your retirement account going tolast if you have unknown tax rates and
you have a partner with irs,and think about this. We talk about
(06:39):
it all the time. So let'ssay you're in a twenty four percent tax
bracket right now, and in twoyears when the Trump tax cuts expire and
it goes up to twenty seven,it goes up three percent in every tax
bracket. Have you planned on thatand have you done any you know,
tax planning on it, because ifyou don't, that's the reason why we're
telling you to go to our taxretirement calculator, take a look for yourself.
You'll see exactly what the rates aregoing to be, and you plug
(07:00):
it in and then let's get togetherand talk about it. So Dave Ramsey
has an incomplete plan. I thinkwe just made that point. And whether
or not you realize that that createsa kind of debt, So let me
kind of give you a definition.The Oxford Dictionary defines debt as something especially
money that is owed to someone else. So you have money and who you
owe it to? Uncle Sam arsAnd that term applies to the build up
(07:25):
of taxes in iras in four ohone case. And you know, Chris,
I think the disappointing thing for meand you when we see people come
in they're not told that why theyare advised that just build, build,
build, build tax deferred. Yougot a lot of money coming out.
But a gentleman I have this,I can prove this. We have a
call that comes in a million dollarIRA, two million dollar IRA, and
I have to tell them it's notall theirs. It's not all theirs.
(07:46):
That million dollars is maybe five hundredthousand, that two million is maybe a
million. So what kind of planningdo they do? Now? Well,
that's it. People don't plan andthat's why we do tax planning here.
We do income planning, we doinvestment planning, we do a state planning.
A lot that we do at MaggieTax Advisory and Financial Group. So
pick up the phone, schedule timeto meet with us. We have office
on both sides of the bay,and when you come in, we can
(08:07):
help you defuse the big tax timebomb eight three three Maggie Tax. Visit
our website at Maggie Tax dot comthat's m A G G I T A
X dot com and we can helpyou defuse the tax time bomb. And
let me kind of give you anexample. It's pretty simple. Consider this
issue is a sixty five year oldclient that comes into our office. He
has an IRA statement show when hehas five hundred thousand saved in his account.
(08:30):
He's happy, he's thrilled. Igot a lot of money, right,
But can that client cash out theIRA and go buy a five hundred
thousand dollars vacation home. And theanswer is no, of course not.
But until someone educates him and understandthe language. He's thinking he's got five
hundred so after all, not allof that five hundred thousand in the IRA
is his to spend. You havea partner with Uncle Sam. It's great,
(08:50):
you know, Chris. You workfor a business and you save and
then you start taking money out andthen you get a partner. And he
said, well, I want twentypercent of the profits, and then next
year says I want thirty percent,and the following uiasays he wants forty percent.
What's wrong with that? And that'swhat the IRS is doing. That's
the question mark tax rate. Sohow can you live in retirement knowing that
it's a variable tax Rate's a questionmark tax rate? And that's the thing
(09:13):
because if you have to pay morein taxes, guess what less income to
you. So don't let it happenthat way. And that's why we put
together tax planning and income planning andinvestment planning. That's what we call the
Maggi plan because we can under wehelp you understand what that dollar is and
let's get that money out of taxableenvironments into tax free environments. Let's have
a tax free zone for you soyou don't have to worry about that question.
(09:37):
Mark tax rate eight three to threemaggie tax, schedule, time to
meet with us eight three to threemagi tax. And one more thing.
What people don't understand is what taxbracket they're in. So in this case,
his tax liability is twenty percent,only four hundred thousand of those funds
really belong to him. He doesn'tthink about that when he goes to bed
at now he's thinking about what he'sgoing to spend and where he's going to
go. So the other one hundredthousand he owes to the irs is is
(09:58):
in the form of time. Andagain, just write this down. It's
a debt to the IRS. Sopick up the phone call eight three to
three MAGI tax. When you talkto the operator, tell them it's urgent
that we speak to you about yourdebt to the irs. Folks, this
is the only way we can helpyou. Let us do the illustration with
you, show you what tax bracketyou're in, and show you what real
(10:18):
money you have. And then let'splan because if you're looking for guaranteed income,
we can help you put a plantogether. It's called the Maggie Plan.
It's a tax plan, it's anincome plan, it's an investment plan,
and like Chris said before, themost important thing, it's an estate
plan. Eight three three Maggie Tax. And don't forget Every Sunday at ten
thirty, what's your TV show onABC TV? Folks will give you a
(10:39):
lot of resources here eight three tothree Magi Tax. Be sure to visit
our website, Maggie Tax dot com. There's so much information on there.
You're listening to the Magi Tax andFinancial Show, and remember eight three to
three Maggie Tax. Eight three threeMagi Tax. Stop planning for Uncle Sam's
retirement and start planning for your retirement. As we return to the Maggie Tax
(11:03):
and Financial Hour with your host fatherand son Robert and Chris Maggie. For
additional information on how you can createa tax free retirement, visit Maggie tax
dot com. That's m a ggI tax dot Com or call eight one
three three two two twenty five twenty. That's eight one three three two two
(11:24):
twenty five twenty. Now your hostfor the Maggie Tax and Financial Hour,
father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie.
Welcome back. My name is RobertMaggie, and you're listening to the
Maggie Tax and Financial Show. AndI'm here with my son, Chris Maggie,
and we're talking about debt to theirs because a lot of folks out
there when they start taking money outof the IRA, and many of you
(11:46):
have great iras in four oh onek's, you're going to pay a tax.
And remember the definition of debt somethingespecially money owed to someone else.
Does that sound like taxes in anIRA? Chriss, Absolutely so. If
you have saved in a four toone k on IRA or any tax deferred
vehicle, you owe a debt oftaxes to the IRS. And let me
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remind all of you, you havea debt to the irs, and the
bad news is a debt that growswith interest. This is the problem that
we don't realize, or a lotof people don't because as it grows,
and the interest it grows as well, you're going to pay them a lot
more tax So you all owe taxesnot only on your contributions, but also
on the growth and the funds inyour accounts. You talked about something before
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investment risk and investment growth. Howdoes that apply like when we talk about
this when people come in, well, there's a regular debt, and many
people think about credit cards and baddebt, and then you got investment debt,
which is what we're talking about heretoday. And we talked about this
last segment. It's a question marktax rate when you retire. That's the
thing. When you put money awayand you're doing a great job if you
(12:50):
have an IRA A four one Kand a TSP of your federal employee,
but the bottom line is you reallykind of follow the crowd and you're really
not doing it the right way becauseyou're investing and putting your money away for
a question mark tax rate in thefuture that when you need the money,
you have no idea what that taxrate's going to be. You have no
idea what that amount is going tobe sent to the irs, So what
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is going to be yours? Andthat's where most people when you start planning
and you start planning on what isactually yours, and they talk about the
IRS, and it's theirs, thrs, the to hrs. And what you
really want to think about here isthat when you talk about income and planning,
you want to make sure that youhave after tax accounts given you income
(13:33):
so you can plan on it.That's why ROTH iras is so important.
That's why ROTH Form one KSER isso important. But the traditional ira is
and the tax deferred accounts, theseaccounts are huge and there's trillions of dollars
there that Uncle Sam knows how muchthey're going to get in taxes. But
that means less income to you,and basically it can add up to a
lot of debts. So call myoffice at eight three to three, Maggie
(13:56):
Tax. Here's what I want youto do. Tell the operator that it's
urgent that you want to get outof debt to the IRS, and set
in a point with Chris and Ieight three to three Maggie Tax. And
make sure you tell them it's urgentbecause it is. Because a lot of
people don't understand, well, letme defer it, let me worry about
it later. In two years whenthe Trump tax cuts expire, there's going
to be a lot to worry about. People are going to be shocked,
(14:16):
Chris when they see that they're goingto pay another thirty percent more in taxes
negative of why. And this hurtsa lot of people. So if you
don't do some proper planning, you'regoing to be hit with this tax time
bomb. And it's ticking, it'sticking louder. So one of the things
I can do, because let's talkabout this, when you come in and
meet with us, we're going tohelp you defuse this big tax time bomb.
We're going to show you how muchmoney you have in pre tax money
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and how much you haven't after taxmoney, and what if there's a strategy
where we can get the money outof an affected area of taxes into tax
free accounts. Would you want toknow? That's what we'll do for you.
So when you come in, we'lllook at that investment plan, and
we'll look at the debt that youhave on the investments, and we'll show
you how you can have after taxaccounts and do it the most beneficial and
strategic way possible to pay lease amountin taxes. One other way to look
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at this is many people look atit through a micro lens, which means
right now today, what about amacro lens later on? How is it
going to affect you. That's properplanning, that's tax planning, that's income
planning. One of the biggest questionswe get, well, I think I'm
going to run out of money.We have millionaire clients that come in here,
and Chris, you can tell thestory on these, but they're worried
that they're not going to have enoughmoney to live on. The problem is
(15:24):
they don't have no plan to getwhat the income they want. And that's
the problem that a lot of peoplehave. So give us a call eight
three to three Magi Tax. Makesure you visit our website, Maggie Tax,
click on the retirement calculator and seefor yourself. You're going to get
a report back in thirty seconds.We're going to give you a call,
or you call us and let's gettogether. So the question you might ask
Maggie Tax is how do I reducemy IRS debt? And there are ways
(15:46):
to reduce your debt to the irasand now it may be the perfect time
to help you do it. Soeight three to three MAGI tax, tell
the operator it's urgent, and weschedule a meeting to get out of debt
with the IRS. That's what youhave to do. You have to take
control. You can't sit in theback and procrastinate. That's not a retirement
plan. And many experts have saidthe US is likely entering get to a
(16:07):
period of higher taxes for American savers. So here's the question. Do you
think taxes are gonna go up?Or do you think taxes are gonna go
down? And what's the question?Answer we get all the time. Most
people think the taxes are gonna goup, and it's gonna happen. And
why is so important because that's whatthey're talking about. Many experts are talking
about how we're going to enter aperiod of higher taxes for Americans and what
are you gonna do about it?Think about this, say you're retired.
(16:30):
You can't do anything about it.You're retired. You sound like you're gonna
go back to work and earn moremoney. Now you're gonna have to sit
there and just bite the bullet onwhatever the tax rate's gonna be. Do
you want to be in that situation? No? So what do you do.
You need the plan. That's whyit's so important to meet with us.
Pick up the phone, schedule timeto meet with us. AD three
to three maggie tax. Why becauseyou have a debt to the IRS,
(16:52):
investment debt, and it's grown eachand every day, and it's a ticking
time bomb and it's getting louder eachand every day. If taxes are higher
in the future, actually, whentaxes are higher in the future than they
are today, you will be payingthe IRS a higher share of your retirement
assets. Don't let that happen toyou. And remember you have a partner
with IRS. That's why you haveinvestment debt, and that's why you have
(17:15):
an incomplete plan. We can helpyou. Pick up the phone, schedule
time to meet with us. Wehave office on both sides of the bay.
Eight three three Maggie tax. Asmy dad mentioned before, tell the
operator that it's urgent. Why becauseyou need to diffuse your big tax time
bomb. And again, you dida great job of saving, you did
a great job of listening to otherpeople. But the end of the day,
(17:37):
it's gonna hurt you because you havean account that's infected with taxes.
I don't care how much is inthere. I don't care if it's one
hundred thousand, I don't care ifit's two million. It doesn't matter.
The fact of the matter is youhave a debt, an investment debt to
Uncle Sam. So visit our websiteMaggie tax dot com. Schedule time to
meet with us. Let's discuss whatoptions you have, what you have,
(17:59):
and together a plan for you.Eight three three Maggie Tax. One of
the things Chris just said about options, there's something called a strategic rollout,
and this is something that we dowith a lot of clients. I know
you don't see what I'm talking aboutnow, but we do it over a
five or ten year period to reducethe tax so that later on, when
you're ready to take out the IRA, your ire is lower, less tax.
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And on the other side, youmay have a roth IRA that's tax
free. Which would you rather have? So that's the choice you want to
make. So when you come in, we'll go over with this whole thing
with you. We put a balancesheet together, we have questions for you.
We need to get the right answersfrom you to design the plan.
Eight three to three Magi Tax.And remember the Maggi plan is a tax
plan, it's an income plan,it's an investment plan, it's an insurance
plan, and it's in a stateplan. So if you don't have any
(18:45):
documents for a state planning, wecan help eight three to three MAGI Tax.
Be sure to visit our website MaggieTax dot com, click on the
retirement calculator and see for yourself.In thirty seconds, you'll get the report
back eight three to three MAGI Tax. So when you call tell them it's
urgently if you want to meet withChris and Bobby, stop planning for Uncle
Sam's retirement and start planning for yourretirement. As we return to the Maggie
(19:07):
Tax and Financial Hour with your host, father and son Robert and Chris Maggie.
For additional information on how you cancreate a tax free retirement, visit
Maggie tax dot com. That's magg I tax dot com or call eight
one three three two two twenty fivetwenty. That's eight one three three two
(19:29):
two twenty five twenty Now your hostfor the Maggie Tax and Financial Hour,
Father and son from Maggie Tax Advisoryand Financial Group, Robert and Chris Maggie
Welcome back to the Maggie Tax andFinancial Show. And each and every week
we are so grateful to be here. Why because we help a lot of
people in a lot of different ways. And that's what we call it the
Maggie Plan. It's a tax planning, it's income planning, it's investment planning,
(19:51):
it's a state planning, it's socialsecurity maximization planning. If you're looking
for a path, if you're lookingfor a plan, you know we ask
many people it's your plan. Ifyou don't have a plan, we can
help you. So pick up thephone and schedule time to meet with us.
Eight three to three Maggie Tax.We have office on both sides of
the Bay. Visit our website.There's so much information right there at your
fingertips. We can help you.Eight three to three Magi Tax. And
(20:14):
by the way, we're talking aboutdebt to the IRS. But I want
to throw one one thing out there. If you're a broker or your CPA
is not discussing IRS debt, thenshame on them. Maggie Tax. We
discuss this every day with every client. Because it's not about selling a product
that's a retail person. We talkabout complete planning. And many times when
clients come in and they meet withChris and I and they say, man,
(20:34):
this is what I thought we weregoing to get. You know why,
because everybody's I guess, programmed intoa meeting with an advisor that they're
going to sell you a stock bondin mutual fund. They don't talk about
taxes, they don't talk about anyplanning, and that's wrong. So tax
mitigation strategies are becoming a crucial componentof retirement income planning. That's what we
do. And if you're a brokera CPA is not discussing this and not
(20:56):
discussing tax mitigation strategies, challenge themand ask them, hey, by the
way, can you talk about sometax mitigation. You're gonna throw them probably
right off the check because they're notgoing to know what the help talking about.
Well, a lot of advisors theysay, well, we don't really
do with taxes. You might talkto you your CPA or your tax prepairer.
Meanwhile, you take the time togo see your tax prepairer and they
(21:17):
say, no, we just dotax preparation. And no one does tax
planning, but we do. That'swhy it's so important when you come in
to meet with us. We're goingto look at your tax return. Your
tax return is like an X rayto us. See we see it,
We understand it. We understand howthe investments work on the tax return,
how they work together. Many advisorsdon't even they're afraid of the tax return.
They have no idea what it lookslike and how it's causing you to
(21:38):
pay taxes. They're just doing theretail thing. They just want to sell
you a product or sell you aconcept. That's not what it's about.
You deserve more. That's why MaggieTax Advisor and Financial Group we do complete
planning. We have the Maggie Plan, an investment plan, tax planning,
insurance planning. That's what we do. Income planning. Why because everything is
(21:59):
there to help you and estate plan. How many people have an account but
they have no estate planning? Mygosh. How many people have checking and
savings accounts but those accounts aren't titledthe right way? Are they going to
go through probate? Do you know? These are the questions we ask you.
So when you come to meet withus, we're going to take our
time. We're going to go overthings with you. Why because you need
to know. You need to knowno one's telling you. Quick example,
(22:21):
I went to the bank the otherday, a credit union, and open
up an account and guess what whenI left five minutes later, I said,
is this account going to pass tomy wife and my two kids?
And the girl said, well,is that what you want? I said
absolutely. Why don't you tell methat there are ways you can you can
transfer these accounts to your beneficiaries andavoid probate And she said, well,
we're not programmed that way, We'renot taught that thing to do that.
(22:45):
And I said, oh my gosh, this is crazy. But that's why
they needed advisors like us. Sopick up the phone, schedule time to
meet with us eight three to three. Maggie Tax. One more thing I
want to mention to all of you. If you go to our website Maggie
Tax dot com, click on seminars. We do two seminars a month on
a state planning. It's about anhour. We hold them at libraries across
Penelas in Hillsborough County. You gocheck it out. The dates and times
(23:07):
are there. We've had sixty seventyeighty people attend because of what we're talking
about. Today, they don't haveit titled correctly, they don't have the
beneficiaries, they have a home,and they're saying, well, I don't
want to go through probate. Well, guess what. It's going to go
through probate unless you have the rightdocument. And this is serious business,
So we don't fool around when wetalk about all of these things we're talking
about today. You should take itserious. Eight three to three Maggie tax.
(23:30):
And when you call, just tellthe operator it's urgent. It's urgent
that you speak with us on theseissues because these are things that are going
to affect many of you out there. And here's a question I would ask,
if you're a broker or a CP. Are they talking about buying out
the irs? Buying out the irs? What does that mean? Well,
that's what we do when we dostrategic planning. Because I know you don't
(23:51):
want to pay the tax today.We understand that, but you're going to
pay a tax later at a higheramount. So why don't let Chris and
I do a strategic rollout for youshow you out pay the lowest tax and
have more tax free money later,because you know what's the rate going to
be later? On and it doesn'tmake sense, So why would you do
that? So because they do notunderstand taxes, and Maggie, tax we
understand taxes and tax planning. Thinkabout those words tax planning, okay,
(24:15):
and taxes. Ask you broker,he's going to tell you what Chris just
said. Oh, we don't dothat because they don't have they don't understand
taxes. This is a big part, Chris, of everyone listening to this
show. Absolutely, and that's whyit's important to me with the right advisor.
And you're listening today. You havequestions, you have thoughts. You
go to bed at night, you'rethinking about your retirement. Am I going
to have enough for retirement? Whatkind of income streams am I going to
(24:38):
have in retirement? What's my investmentsto look like? What if the market
goes down and I have to takeincome from it, how's it going to
affect me? Well, what aboutthe taxes if I take this income?
How much is going to be taxed? And what about if I pass away?
Is everything to stay in the familyand go to my kids or my
wife? How is this? Areyou thinking these things at night? These
are the questions many people will haveand they just don't have answers, but
(25:02):
if you're listening today, it's aperfect opportunity to write our number down.
Eight three to three Magie Tax.Visit our website at Maggie tax dot com,
schedule time to meet with us.We have offices on both sides of
the bay to help you. Eightthree to three Magi Tax. And here's
another strategy and concept that we use. Many people are talking about it,
you know right now, Wroth conversionsbecause they pay the tax now and they
(25:22):
have tax free money later. Sojust be careful if you do a Wroth
conversion, make sure you do itthe right way and do it from your
tax return so you pay the leastamount of taxes. And that's what we
do in Chris. When we doa Roth conversion, we always show them
not just this year, but weshow them two, three, four,
five years how to take that moneyout, pay the least amount of tax
and then they have tax free money. Isn't that a better way? Absolutely?
(25:45):
But you can control the tax rate, and that's what's so important.
Like when we ask people how muchdo you want to pay tax? And
they look at me like, well, I don't know. But when we
look at it, none exactly.But you mentioned a great word and great
phrase is buying out the irs?Why not do it now now when it's
cheaper? You buy things? Yougo to the store when and you buy
things why because they're on sale?Right? So you want to buy a
(26:07):
loaf of bread at a dollar,You're not going to get it anywhere else,
but once it's on sale, youwant to buy it. So that's
the whole point. What if taxesrate now in your retirement is on sale
and you can buy out the irsat a cheaper rate as opposed to later
on, which is going to bea lot higher. So think about that.
What if you do it strategically?What if you have a plan,
a tax plan, tax planning,planning, that's what we're talking about here.
(26:30):
You need to understand that planning isnot just with your investments, it's
about taxes, it's about income planningas well. What is your plan,
what's your tax plan, what's yourinvestment plan, what's your income plan,
what's your estate plan? If youdon't have one, we can help you
eight three to three Maggie, tax. But one thing before we can help
you address this risk, we musthelp all of you understand. When we
(26:51):
talk about the language, all right, the language of your debt to the
irs, and what strategies you canuse to mitigate the word listen, mitigate,
mitigate the tax risk? Is anyonetalking to you about that? And
help you under stand the language.That's why we say eight three three,
Maggie tax. Give us a call. Tell the operator it's urgent. You
want to talk about and use thewords. I want to understand how to
(27:11):
mitigate my taxes and I want tohave less tax to pay. And they'll
get the appointment for you, andthen we can sit down, like Chris
said, have an adult conversation.And here's how this works. You tell
us your concerns and they will tellyou what we can do. You're going
to make the final decision. You'renot pushed into anything. We have clients
come in and say, well,you know, my broker said, well
my CPA said, why are youbeing told to do something without understanding what
(27:33):
to do? Chris, that alwaysconfuses me. Well, that's the thing.
Many people out there been with theiradvisor five years or ten years,
and they're scared of their advisor.This is your money, not theirs.
It's not our money, it's yours. This is your planning. Wouldn't you
want to get the right information soyou can make the right educated decision on
what you can and can do.Absolutely, But when's the last class you
(27:53):
had on this stuff? When thepeople talking about this, when they talk
about taxes at your work or inyour retire community, they're not talking about
that. We are. We retireeach and every day. We do this
each and every day to help you, and that's what we do. You
know, you can use the taxof mitigation strategies. They are out there,
but guess what, no one's talkingto you about it, but we
(28:14):
are. So make sure you pickup the phone, schedule time to meet
with us. Eight three to three, Maggie Tax. And many of you
look at your retirement account balances.It's all you look at. Oh my
gosh, there's a going up.Yeah it went up ten thousand or one
hundred thousand for the year. Butyou forget something. You need to net
out the federal government's share. It'slike playing a football game and you're up
at halftime and everything is great,but guess what got You got more minutes
(28:37):
to play and that's when Uncle Samcomes and he beats you because you got
to pay the taxes, So whatare you doing about it? That's what
we can do. So pick upthe phone, schedule time to meet with
us. Let's help you diffuse thebig tax time bomb that you have with
your investments. Eight three three Maggietax. The difference is, Chris,
they have a plan. It's calledthe government plan. That's right, it's
called the plan that they could dowhatever they want. And how I would
(28:59):
I say that. It's called legislatyour risk because think about this. If
you have a pencil, hold itup, because it's all written in pencil.
They can change your rules anytime.And they've done that with the R
and D deadlines. What used tobe seventy and a half now seventy two,
now seventy three. They've changed that. So they can change the tax
code anytime. You all know this. I don't have to educate you on
that. You see it. Everyyear. Every four years we get an
(29:19):
election, and here's the biggest thing. Everybody's worried about. What's going to
happen in this election. It doesn'tmake a difference. It doesn't make a
difference because it's going to be somethingthat we all know is going to happen.
Anyway, So you have to dosome planning, do some proper planning.
Don't look at it from a microlens, look at it from a
macro lens. I mean maybe youragent has never said those words to you,
(29:40):
because we do. We understand taxes, we understand income. You have
market risk, you have income risk, you have a tax risk. What
else do we have? What otherkind of investment risk? And are they
talking about that? No, Soyou have to understand this is what you
have to say to an advisor ofwhat you want. It's your money.
So go to my website. Inthirty seconds you can see what your retirement
(30:00):
tax bill is going to look like. Click on the retirement tax bill,
put in your information, and thencall me eight three to three Magie Tax
and tell the operator it's urgent thatwe meet to discuss your debt to the
irs again eight three to three MagiTax. And the reason why this is
so important today is because many ofyou may be overestimating the amount of spendable
(30:22):
retirement income that you have. Youthink you have a million dollars, You
do not. You have a halfa million dollars. So if you're looking
for ways to communicate the risk wehave an easy solution. Visit Maggie tax
dot com, click on the retirementcalculator and in thirty seconds you're going to
see what your retirement account looks like. And I just want to end with
this because there's a way to addressdebt that's far more complete than mister Ramsey's
(30:45):
approach. And that's true A threeto three Magie Tax. Visit our website,
Maggie Tax dot Com. T anin tomorrow every Sunday to a TV
show at ten thirty on ABC TV. We have a lot of information,
a lot of good information. Youcan go eight three three Maggie Tex.
Visit Maggie tax dot com. You'relistening to the Maggie Tax and Financial Stop
(31:06):
planning for Uncle Sam's retirement and startplanning for your retirement. As we return
to the Maggie Tax and Financial Hourwith your host father and son Robert and
Chris. Maggie. For additional informationon how you can create a tax free
retirement, visit Maggie tax dot com. That's ma gg I tax dot com
(31:26):
or call eight one three three twotwo twenty five twenty. That's eight one
three three two two twenty five twenty. Now your host for the Maggie Tax
and Financial Hour, father and sonfrom Maggie Tax Advisory and Financial Group,
Robert and Chris Maggie, Welcome backto the Maggie Tax and Financial Show,
and thank you so much for tuningin today. And we've been talking about
(31:48):
investment debt and getting out of debtin a good way. Many people think
about credit cards, but I'm nottalking about that. I'm talking about the
investment debt that you have on allyour retirement accounts. And think about this.
You IRA is form on kes thriftsavings plans four O three b's four
fifty seven plans. Guess what thoseaccounts are infected with taxes? And if
you're infected with something, it's nota good thing, right, So,
(32:12):
if your retirement accounts are infected withtaxes, that means you have an unknown
question mark tax rate that has tocome out. You have a debt to
the irs when you start taking distributions. And many people don't know that.
They look at their statements each andevery month and they say, oh,
my gosh, it's up ten grand, it's down ten it's up thirty thousand,
it's up forty thousand, it's doinggreat. But guess what, when
(32:35):
you start taking a distribution, it'staxable, So what are you doing about
it? That's the planning that comesinto play, that has to be there
in your retirement to make sure youhave a solid plan. And if you
don't have a plan, when you'retalking about taxes and investments and income,
you need to pick up the phoneand schedule time to meet with us eight
three to three magi tax. That'seight three to three magi tax. And
(32:55):
when you put a plan together,you're talking about putting a tax plan,
an income plan, an investment plan, and insurance plan. So how can
you do it in an efficient wayso that you're not shooting yourself in the
foot while you're going to try togo tax for you have to pay the
taxes first period. So what we'regoing to show you is the least amount
of taxes and then it's not goingto be a hard decision for you to
(33:15):
make because if you have the cashand we can do it from there,
you do it now so that lateron you don't have this big tax.
Now, that's it. Let's talkabout that. So when someone comes in,
what are we going to do?Well, we understand taxes, obviously.
So what we can do is showyou right there, will show you
what your current tax return looks like. Then we'll break it down and we'll
show you what if we converted twentythousand or fifty thousand from an IRA to
(33:37):
a WROTH. Well, you haveto pay the tax to get there,
right, So we understand that we'retalking about buying out the irs. Let's
do that at a cheaper rate asopposed to later on where it's very expensive.
So we can show you to youand we can break this down,
and we can sit down and showthat what the tax turn will look like.
And you say, I like thatstrategy. I like that strategy,
(33:57):
but I don't like the other strategy. That's fine. This is your money.
We can put together a plan andshow you options that you can own
and feel good about it because whenyou start building a tax free bucket,
what you have done is you eliminated. Uncle Sam and my dad talked about
putting your retirement plan in pencil.Well, let's put it in pen where
it's permanent, where you know thatyou don't have to pay taxes forever and
(34:22):
ever and ever and ever again.Now many people don't have that ability,
but you can if you come meetwith us, because we'll show you ways
to create a tax deduction. We'llshow you ways to get the money out
in the most tax efficient way.Eight three to three Magi tax will go
through that for you. Schedule timeto meet with us, you meet with
us eight three to three Maggie Tax. So here's how one of the ideas
(34:42):
works. The goal is we're goingto start with your retirement account because that's
the one that's taxed the most.So we use and just use this for
concept because when you come in we'llexplain it. But we use a five
year conversion period and at the endof this time period in which we do
the series of structured conversions. Wecall them structured because what that was just
said. We'll take out certain amountone year, certain amount the second year
(35:04):
from a tax return, where weconvert the money over to a roth ira
and basically the goal is that youwant to have at least the same amount
as you started with. Let merepeat that. So if you have five
hundred thousand now over the next fiveyears, when you start converting, we
have to use an investment vehicle that'sgoing to get you back to where you
were five years ago. And that'show we do bucket planning. So take
(35:24):
a second explain how that works,because it's three buckets that we use to
get there. That's it. Solet's just give an example. What if
we had three buckets and you haveone hundred thousand dollars. Well, what
if you put twenty thousand dollars inbucket one and we put thirty thousand in
bucket two and fifty thousand and bucketthree. Well, what we're designing here
is an income plan. So thatfirst bucket a bucket one of twenty grand.
(35:45):
Let's give you income off of thatfor the next five years, guaranteed.
But that in five years is goingto go down to zero. And
many people say, oh my gosh, I don't want my account to go
down to zero. Well, justbucket one is, but what about bucket
two and bucket three. So whenbucket one has given you income, bucket
two and three you're growing. Andguess what, now you have just as
much, if not more income andvalue there. But now what after five
(36:08):
years? Now you turn on buckettwo. So now bucket two gives you
guaranteed income for life, but nowthat goes down the zero after five years.
Then you might start thinking, well, I have no money. No,
you forgot about bucket three. Bucketthree grows back to where you started
originally, and you could do itall over again. So that's when we
start talking about bucket planning and incomeplanning. Where you can have income and
(36:30):
you don't run out of money,you live off of the interest, and
you live it off of the waywhere you can create it, where you
have buckets doing different things with differentstrategies that you're protected and diversified in a
lot of different ways. That's incomeplanning right now. What about tax planning,
Well, we use the same conceptwhere we can get money that's infected
with taxes, eliminate Uncle Sam andcreate a tax free bucket. So now
(36:55):
you don't have to worry about payingUncle Sam ever and ever and ever again.
So who cares what an amount,what tax rates are going to be?
Who cares if tax rates go up? It doesn't matter to clients of
ours who have tax free buckets becausethey don't have to worry about it.
That's where your retirement plan is writtenin pen instead of pencil. So what
(37:15):
you want to do is call myoffice eight three three Maggie tax and tell
them you want to do this.We're going to tell you what it is.
It's called a strategic rollout. It'scalled a strategic rollout and bucket planning.
And if your advisor's not talking aboutthis, then you know, shame
on them. They're not giving youthe whole story. And you're going to
have a tax free rough account,which Chris said, you're going to have
paid all the taxes over five orten year period at the lowest amount and
(37:37):
you're going to have tax free income. How good is that? So by
the time that we're done, youprobably have more than what you started with.
And one more thing, you're goingto eliminate Uncle Sam. Who wants
to eliminate Uncle Sam? Well,if I can eliminate the person who's causing
taxes, guess what. That's agreat feeling to have. And it's it's
kind of funny because when we showthis to people, it's shocking and they
(37:58):
always say, well, I've neverheard this before. What's because your advisor
doesn't talk about taxes, doesn't talkabout income planning, talk about you know,
retirement planning, talk about IRA rM d s and how it's gonna
affect everything that you do. Eightthree three Magi Tax, I hope today
was helpful to you getting out ofdebt to the irs. It's going to
be here for a long time.You need to do something about it.
(38:19):
Eight three three Maggie Tax. Visitour website Maggie Tax dot com. Click
on seminars and register for the seminar. These are at the library. They're
educational. We talk about everything.Eight three three Maggie Tax and visit our
website, Maggie Tax dot Com.You're listening to the Maggie Tax and Financial
Show. Eight three three Maggie Tax. You've been listening to the Maggie Tax
(38:40):
on Financial Hour discussing tax planning investmentstrategy is presented by Robert and Chris Maggie
from Maggie Tax Advisory and Financial Serviceswith offices in Hillsboro and Panelas County.
Visit Maggie Tax dot com or calleight one three three two two twenty five
twenty that's eight one three three twotwo twenty five twenty and tune in next
(39:02):
Saturday at five for the Maggie Taxand Financial Hour.
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